THINKING OF CREATING A HOBBY FARM OR MASTER GARDEN?

CHECK OUT OUR IN DEPTH ZOOM CALL ON THE DETAILS OF THIS BEAUTIFUL NEW POST FALLS HOME FOR SALE ON ACREAGE IN NORTH IDAHO. POTENTIAL HOBBY FARM, MASTER GARDEN.

Determining how much you can afford before you begin your home search will save you valuable time.

Windermere Coeur d Alene Real Estate

Prequalification vs Preapproval

  • Prequalifying for a mortgage generally helps you determine how much house you can afford.
  • Most lenders require that your monthly mortgage payment, including principal, interest, taxes and insurance, range between 25 and 28 percent of your gross monthly income.
  • Remember, becoming prequalified does not necessarily mean that you will be approved for a loan of that amount.
  • Preapproval from your lender means that you have provided them with the necessary paperwork, and they have approved your actual loan amount.
  • Having preapproval for a home loan will put you in a much better negotiating position, because the seller knows that you are able to obtain your loan to purchase their home.

Down Payment

  • Many lenders require 5 to 20 percent down payment on your home
  • 25 percent down or more may qualify you for a lower interest rate

I can help you locate a lender who will assist you in finding a financing package that best meets your needs.